S&P Global Platts will change the timing and increment guidelines for its Market on Close assessment process for C+F Japan naphtha with minimum 70% paraffin content, with effect from June 16, 2021, in line with plans to launch the Platts Editorial Window, or eWindow, communication tool in this market at the same time.
Platts first proposed the planned eWindow launch in a subscriber note published May 24: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/052421-platts-proposes-to-change-cf-japan-min-70-naphtha-moc-timings-for-ewindow-launch-june-16
Following the eWindow launch in this market on June 16, participants in the Platts MOC process will be able to submit bids and offers for publication directly through the eWindow software or through an editor, who would then publish bids and offers using the software.
Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC process, in order to ensure an orderly and transparent price assessment process.
In the MOC process for C+F Japan naphtha with minimum 70% paraffin content, all time-spread bids and offers will continue to have to be submitted by 15.45.00 hours Singapore time, and all outright bids and offers would continue to have to be submitted by 16.00.00 hours Singapore time.
Under the change, bids or offers can be improved by a maximum of $1/mt per 20 seconds, compared with a maximum of $1/mt every 60 seconds currently. Following any trade, there would be 30 seconds to rebid or reoffer, compared with 60 seconds currently. Also, price changes can be made up to the close of the MOC process at 16.30.00 hours Singapore time. Currently, no price changes are allowed at the last minute prior to the close.
Additionally, a rebid or re-offer following a trade in the last 10 seconds prior to the close of the MOC process would continue to trigger a 60-second extension period, in order to adequately test that bid or offer.
Guidelines for the publication of bids and offers in the MOC process are available in the Platts Oil Timing and Increment Guide, available here: http://plts.co/fPWe30rAZxQ.
For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.
Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.